Here’s a Few Benefits of Putting Your Non Working Spouse on an Islamic Loan
One of the purposes of applying for and getting an Islamic loan is entering the real estate market while at the same time staying compliant with Sharia law. Dealing with Islamic finance here means that you need to get involved with a trust to avoid Riba while at the same time still retaining the more traditional rights of the market, but that doesn’t mean that you can’t look into the advantages non compliant real estate markets afford you.
For example, you need to understand the importance of being able to navigate toward the best deal both inside and outside the parameters of the Islamic loan that you’re looking at. Your credit history will be an important factor in getting you started off on the right foot. Make sure that you make payments on time and try not to make too many inquiries into your standing unless they are completely necessary.
There are of course a host of other things that you need to consider under the umbrella of getting the right Islamic finance deal that suits you and at the same time allows you to stay clear of Riba. One of the other questions you need to consider is whether you want to put a non working spouse on the Islamic loan application. One of the greatest benefits is if the working spouse happens to pass away, then the non-working spouse would already be on the loan and would not need to apply. When a non-working spouse does not have income coming in or credit history, then they will have difficulty securing their own loan. If they are already on the working spouse’s loan for the property, then they are benefited significantly. This is why adding a non-working spouse is a good idea so that their credit can be improved or established, so when they have to enter the work force and take on the responsibility of handling the family financial affairs, their creditworthiness reflects in their credit history putting them in a good position to access credit if for example they may need to sell the current home and buy a smaller home.